Deciding to file for Chapter 7 bankruptcy is not the end of the world, although right now it might seem like it is. The first thing you need to understand that Chapter 7 bankruptcy is actually a way to regain control of your life and your finances and move forward. It is not the end– it is the beginning. When you file for Chapter 7 bankruptcy you are saying goodbye to that overwhelming debt that is causing you so much stress, confusion and fear. The creditors will stop hounding you; the bills will stop coming through the door; and that aching worry in the pit of your stomach will finally go away.  A Minneapolis bankruptcy attorney can help you determine if filing for Chapter 7 bankruptcy is the right decision for you and your family’s future.

Chapter 7 Bankruptcy Details

Chapter 7 bankruptcy is often referred to as ‘liquidation’ bankruptcy and is the most common type of bankruptcy across the United States. When you file for Chapter 7 bankruptcy you are putting an end to all creditor harassments and garnishment of wages. You will be required to sell any non exempt property in exchange for a discharge of your debt. This does not mean that you will lose your home, your car and other secured debt. Under Chapter 7 bankruptcy, it is completely possible to keep these items in certain instances. Although you will not be discharged of these debts, you will be discharged of any unsecured debts such as medical bills, credit card debts, utility bills and some bank loans. Chapter 7 bankruptcy is a way to get rid of those overwhelming unsecured debts. However, there are some debts, such as child support, tax debt, fraud debt and court-ordered fines that will not be discharged under Chapter 7 bankruptcy. It is up to you to continue payments of these and other debts.

How Does Chapter 7 Bankruptcy Work?

The Chapter 7 bankruptcy process can be a little confusing, especially for those who are already struggling with the stress of the situation. A Minneapolis bankruptcy attorney can provide you with the legal assistance throughout the process. In general, as soon as you file for bankruptcy, all wage garnishment and creditors will stop. You will need to go through your financial records and prepare all your documentation to the federal court. You will need to include income reports, expense sheets, property and assets, names and addresses of creditors for assessment. A Minneapolis chapter 7 bankruptcy lawyer can help you with this. You will then need to attend a court hearing with your attorney and go over your documentation to confirm that everything is correct.

Contact a Minneapolis Bankruptcy Lawyer

Olson Law Firm has years of experience in bankruptcy cases and filings and thus can help you through this financial mess. Regardless of the reasons surrounding your bankruptcy, it is important to know that Chapter 7 bankruptcy is a viable option. For a free consultation regarding your bankruptcy options, contact Olson Law Firm today at 612-816-2322.